Rep. Waxman and CA Democratic Members Respond to President's Housing Proposal

Today 29 members of the California Democratic Congressional Delegation released the following statement in response to President Obama's housing proposal announcement:

"It's encouraging the President is acting on our calls to help homeowners refinance and rebuild equity in their homes, but the reality is many of these initiatives require Congressional action. It's no secret that Republican leaders have opposed housing proposals helping responsible homeowners, which is why we call upon FHFA to embrace the principal paydown plan we have repeatedly offered for underwater homeowners facing the greatest risk of foreclosure.

"Additionally, we renew our call for the President to appoint a new FHFA Director committed to tackling the housing crisis. Sadly, Acting Director DeMarco's track record has proven his unwillingness to act in the best interest of homeowners and our economy, to the detriment of communities everywhere and our country's recovery.

"With a foreclosure rate twice the national average, Californians know our economy will never fully recover until we have a plan that brings relief to homeowners and neighborhoods, and that starts with putting a capable and committed leader at the helm of the FHFA."

This statement is from the following Representatives: Joe Baca; Howard Berman; Lois Capps; Dennis Cardoza; Judy Chu; Jim Costa; Susan Davis; Anna G. Eshoo; Sam Farr; Bob Filner; John Garamendi; Janice Hahn; Mike Honda; Barbara Lee; Zoe Lofgren; Doris Matsui; Jerry McNerney; George Miller; Grace Napolitano; Lucille Roybal-Allard; Linda Sanchez; Loretta Sanchez; Adam Schiff; Jackie Speier; Pete Stark; Mike Thompson; Maxine Waters; Henry Waxman; and Lynn Woolsey.